$143m KIP offer opens next week

Today, it will go to the market with a mandatory convertible notes offer to raise the money for the first stage of the park, where Multiplex Constructions (NZ) is putting up a large shopping centre.

The deal has angered some unitholders, including powerful institutional investors, who believe it may be too risky.

The new financing offer will be lead-managed by Goldman Sachs JB Were and will close on July 1.

The $143 million must stay with Kiwi until June 2010, when the notes will convert to Kiwi units.

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